Waves Wants to Put an End to Bogus Blockchain Speed Claims
Waves Enterprise has built a framework for load testing of blockchain networks under real-life scenarios to offer more comprehensive transparency for potential clients. Transactional capacity or lack thereof has been a hotly disputed debate in the industry almost from the start. The first known reply to Satoshi Nakamoto announcing Bitcoin (BTC) was on exactly this topic:
“We very, very much need such a system, but the way I understand your proposal, it does not seem to scale to the required size.”
A lot has modified since then. Various alternative consensus protocols have been produced, hundreds of public and permissioned blockchains have been created. Nevertheless, the problem of speed and capacity continues ever relevant. Several of these second- and third-generation blockchains are much faster than Bitcoin — or at least, they profess to be. Their purported speeds range from a few thousand to millions of transactions per second. The latest initiative by Waves Enterprise strives at precisely predicting a blockchain’s speed under different real-world scenarios.
Customers should know the truth.
Artem Kalikhov, chief product officer of Waves Enterprise, said in a statement that Waves Enterprises itself has been hurt by unverified claims of their competitors, who guarantee higher speeds. He also opined that these disingenuous claims hamper adoption. The long-term aim of this initiative is to communicate to the potential consumers that when examining various blockchains, one cannot rely on baseless allegations and instead require to trial under conditions that are going to approximate real life:
“Oftentimes, those platforms may provide results that were achieved under conditions that are not similar to the client’s use case; and we are trying to convey that they should first figure out how the declared transactional capacity will be affected by their use case. For example, let’s say, they claim it’s 300 transactions per second, but are these 300-byte transactions or are we transmitting encrypted data that need to be decrypted and encrypted, this will create completely different stress for the network.”
It is unlikely that blockchains that intentionally make unrealistic claims will utilize the framework that Waves Enterprise has developed. Nonetheless, he believes that if potential users of this technology commence necessitating realistic testing, things will improve. More realistic metrics should help blockchain technology find greater adoption in the enterprise space.